Zephyr's Adjusted for Risk podcast is a weekly podcast hosted by Market Strategist Ryan Nauman that brings together wealth management trends, financial markets, investments, economics and life to help investment professionals prepare for the week ahead and help them make more informed investment decisions on behalf of their clients. Industry leaders join the show to provide expert insights in a fun and engaging format to help investment professionals grow their businesses and stay ahead of the trends impacting investor's investment decisions.
Zephyr's Adjusted for Risk
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29 episodes
Updated Daily
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Podcast Overview
Zephyr's Adjusted for Risk podcast is a weekly podcast hosted by Market Strategist Ryan Nauman that brings together wealth management trends, financial markets, investments, economics and life to help investment professionals prepare for the week ahead and help them make more informed investment decisions on behalf of their clients. Industry leaders join the show to provide expert insights in a fun and engaging format to help investment professionals grow their businesses and stay ahead of the trends impacting investor's investment decisions.
Language
🇺🇲
Publishing Since
3/24/2026
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Recent Episodes
June 17, 2026
The Hidden Risks of Private Markets You Can’t Ignore
<p>Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast with Dana D’Auria, Group President of Solutions and Co-CIO at Envestnet, discussing the growing role of private markets in wealth management. D’Auria explains how Envestnet combines asset management and wealth tech, then outlines key trends: companies staying private longer, increased demand from the wealth channel, and expanded use of vehicles like interval funds, tender offers, private BDCs, and private REITs. They emphasize that “semi-liquid” vehicles can become illiquid during dislocations, and highlight major risks including illiquidity, return dispersion across managers, and valuation/marking differences versus public markets that can overstate diversification metrics like correlation. D’Auria advises using specialist due diligence, evaluating tail-risk metrics, and leveraging available education from asset managers and resources such as Tony Davidow’s book. </p><p>Zephyr can help financial advisors create modern diversified portfolios learn more <a href="https://informaconnect.com/zephyr/asset-allocation/?utm_medium=Content&utm_source=Content_Podcast&utm_campaign=YT_Adjusted_for_Risk_&utm_content=YT_Adjusted_for_Risk " rel="noopener noreferrer" target="_blank">here</a>. </p><p>To learn more about Envestnet <a href="https://www.envestnet.com/ " rel="noopener noreferrer" target="_blank">here</a>. </p><p>00:00 Podcast kickoff </p><p>01:18 Meet Dana D'Auria </p><p>03:41 Wealth tech meets investing </p><p>05:52 Why private markets boom </p><p>09:09 Diversification reality check </p><p>13:00 IPOs and index impact </p><p>16:11 Access vehicles expand </p><p>18:00 Advisor adoption spectrum </p><p>21:21 Interval funds liquidity </p><p>26:34 Key risks and due diligence </p><p>34:21 Education and wrap-up </p><p>Connect with Ryan Nauman: </p><p><a href="https://www.linkedin.com/in/ryannauman1/ " rel="noopener noreferrer" target="_blank">LinkedIn </a></p><p><a href="https://twitter.com/LkTahoeBadger" rel="noopener noreferrer" target="_blank">X </a></p>
June 16, 2026
Trading ETFs and Sports Cards: A Parallel Conversation
<p>From Lake Tahoe, Zephyr market strategist Ryan Nauman welcomes back Lance McGray, Managing Director and Head of ETF Product at Advisors Asset Management (AAM), to compare today’s booming ETF landscape with the exploding sports card market. They discuss record ETF growth, lower barriers to entry, and how an influx of new and exotic products can create “noise” for investors—much like chasing rare pulls in hobby boxes. McGray emphasizes discipline, due diligence, and focusing on strategies with longevity, including ways to evaluate active ETFs with limited live track records through conversions or composites. The conversation also covers how marketing drives attention, why relationships and education matter, and AAM’s focus on income generation, dividend sustainability, and avoiding dividend cutters using free cash flow as a key lens. </p><p>00:00 Welcome and Setup </p><p>01:28 Meet Lance McGray </p><p>02:28 Lance Background and AAM </p><p>05:21 Sports and Investing Converge </p><p>06:32 ETFs vs Sports Cards </p><p>10:57 Noise and Gambling Risks </p><p>12:01 Discipline and Game Plan </p><p>13:45 Spotting ETF Longevity </p><p>14:53 Active ETFs and Track Records </p><p>20:32 Singles Doubles Approach </p><p>24:37 Marketing Hype and Relationships </p><p>30:50 Long Term Qualities Income Focus </p><p>35:06 Favorite Cards and Wrap Up </p><p>36:45 Where to Learn More </p><p>37:21 Final Thanks and Outro </p><p>Connect with Ryan Nauman: </p><p><a href="https://www.linkedin.com/in/ryannauman1/ " rel="noopener noreferrer" target="_blank">LinkedIn </a></p><p><a href="https://twitter.com/LkTahoeBadger" rel="noopener noreferrer" target="_blank">X</a> </p>
June 3, 2026
How Financial Advisors Can Add Value Through Investment Management
<p>Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast and interviews Manju Boraiah, Head of Systematic Fixed Income and Co-Head of Custom SMAs at Allspring, a privately owned global asset manager with about $625B AUM. They discuss the evolution of systematic fixed income investing and why models require “hands on the wheel” as regimes change. Manju identifies outsourced investment management as a major trend, driven by advisors’ time constraints, customization needs, and demand for tax efficiency, fueling growth in custom SMAs, active ETFs, and third-party and custom models. They explore how advisors can add value through better goal-to-portfolio mapping, household-level portfolio coordination, and holistic tax efficiency, and highlight the industry’s biggest gap as “aggregation without integration.” Manju describes the move from UMA to unified managed household (UMH) platforms and how AI—especially workflow orchestration—could help integrate front, middle, and back office processes at scale.</p><p><a href="https://www.youtube.com/watch?v=5kc-gsQOCsE" rel="noopener noreferrer" target="_blank">00:00</a> Welcome to the Podcast </p><p><a href="https://www.youtube.com/watch?v=5kc-gsQOCsE&t=77s" rel="noopener noreferrer" target="_blank">01:17</a> Meet Manju Boraiah </p><p><a href="https://www.youtube.com/watch?v=5kc-gsQOCsE&t=245s" rel="noopener noreferrer" target="_blank">04:05</a> Systematic Fixed Income Explained </p><p><a href="https://www.youtube.com/watch?v=5kc-gsQOCsE&t=467s" rel="noopener noreferrer" target="_blank">07:47</a> Big Trend Outsourced Investing </p><p><a href="https://www.youtube.com/watch?v=5kc-gsQOCsE&t=705s" rel="noopener noreferrer" target="_blank">11:45</a> How Advisors Add Value Now </p><p><a href="https://www.youtube.com/watch?v=5kc-gsQOCsE&t=942s" rel="noopener noreferrer" target="_blank">15:42</a> Unsolved Problem Integration Gap </p><p><a href="https://www.youtube.com/watch?v=5kc-gsQOCsE&t=1282s" rel="noopener noreferrer" target="_blank">21:22</a> Beyond UMA to Managed Households </p><p><a href="https://www.youtube.com/watch?v=5kc-gsQOCsE&t=1507s" rel="noopener noreferrer" target="_blank">25:07</a> AI Levels and Workflow Orchestration </p><p><a href="https://www.youtube.com/watch?v=5kc-gsQOCsE&t=1767s" rel="noopener noreferrer" target="_blank">29:27</a> Wrap Up and Where to Learn More</p><p>Connect with Ryan Nauman: </p><p><a href="https://www.linkedin.com/in/ryannauman1/ " rel="noopener noreferrer" target="_blank">LinkedIn</a> </p><p><a href="https://twitter.com/LkTahoeBadger" rel="noopener noreferrer" target="_blank">X</a></p><p></p>
29 total episodes available
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- What is Zephyr's Adjusted for Risk?
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This podcast updates daily.
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This podcast is available on 4 platforms including Apple Podcasts, Spotify, and more. You can also use the RSS feed directly.
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